Draft Taxation Determination
Income tax: can income from the sale of abalone taken by a person who is licensed to take and sell the abalone under the Fisheries Act 1968 (Vic), be assessable income of a company or trust?
Please note that the PDF version is the authorised version of this draft ruling.This document has been finalised by TD 93/75.
FOI status:draft only - for comment
|Draft Taxation Determinations (TDs) represent the preliminary, though considered, views of the ATO. Draft TDs may not be relied on; only final TDs are authoritative statements of the ATO.|
2. An abalone license issued under subsection 13(1) of the Fisheries Act is a personal licence which entitles the holder to take abalone for sale. Under this Act only the licence holder is permitted to sell abalone taken.
Commissioner of Taxation